Broadly defined, a workflow is the automation of a process, such as a business process, in which documents and information are processed, issues determined, tasks defined and executed, and various other activities occur in a repeatable pattern supported by the systematic organization of resources. Once a process has been automated as a workflow, statistical data pertaining to various aspects of the workflow can be readily collected, assembled, and analyzed. A systematic analysis of the data can suggest ways to improve the workflow. This analysis can be facilitated using tools often referred to as Process Analytics. Other tools are available for testing and evaluating suggested changes, these tools often being referred to as Process Simulations.
Currently-available workflow tools can report on the number of times that the steps in a workflow are performed, as well paths taken in executing the workflow. To date, however, the available tools have not adequately provided a mechanism by which a financial model and the workflow can be integrated so as to efficiently and effectively enhance the value of process analysis, simulation, and improvement efforts.